Redstone Private Banking Update Q2 2018
Total Page：16
File Type：pdf, Size：1020Kb
The Redstone Private Banking Update Welcome to the Redstone Private Banking Update 2018: Q2 Q2 2018 has provided us with fresh round of industry moves to report on. There has also been a relatively high level of activity on an organisational level by institutions in all major markets. Outside of the front office teams, technology is set to play an increased role in the private banking and wealth management sector as Banks, Asset Managers and Financial Advisors enter into a race to harness the potential of Fintech and roll out competitive digital banking services for clients. Noteworthy Talent Moves in EMEA In Europe, a number of senior names from the Global Private Banking community have resurfaced, providing insight into where some institutions may look to focus their efforts for the second half of the year. Union Bancaire Privee eyes up the assets of wealthy Americans whilst at Julius Baer attention remains on the onshore UK and Channel Island markets. On an institutional level, some large changes have been outlined across Europe with HSBC announcing the consolidation of their Private Banking units throughout the UK and Europe and in Switzerland, Vontobel has completed their acquisition of Notenstein La Roche Private Bank. Union Bancaire Privée [UBP] has appointed Effie Datson as Head of Hedge Funds & Senior Managing Director. This role comprises responsibility for developing new hedge fund products, identifying investment opportunities and allocating capital, as well as developing the strategic direction of UBP’s hedge fund business. Prior to joining UBP Effie spent over 25 years in the hedge fund industry, including stints with Goldman Sachs and Deutsche Bank. It was reported recently that UBP aims to rebuild its business with US clients, appointing Deepak Soni to head its subsidiary UBP Investment Advisors. It is understood that Soni, who previously managed Vontobel’s advisory for US clients, has been tasked with growing the bank’s business managing wealthy Americans’ assets. Belgian private bank Degroof Petercam has hired Georges Plassat, former Chief Executive of the Carrefour supermarket chain, as Senior Adviser. Degroof Petercam manages more than EUR 50 billion worth of assets. Vanguard Asset Management has appointed Simone Rosti as Head of Italy. Simone joins from UBS Asset Management where he most recently held the role of Head of Passive and ETF Sales for Europe. Prior to this Simone worked for iShares/Blackrock as a Senior Sales Representative for the Italian Market, and as Head of Marketing from 2007-2010. Private Client Investment House Killik & Co. has made four hires for its wealth planning team; James Bowman, most recently an Associate Director with Coutts & Co, has joined as Wealth Planner, alongside Matthew Greenhill, most recently Chartered and Certified Financial Planner with Grant Thornton and Simon Boyer, most recently Client Senior Manager with Brown Shipley. Lastly William Stevens has joined as Financial Planner from Mercer & Hole’s financial planning team. Online discretionary wealth management service Netwealth has appointed Edward Bonham Carter and Merryn Somerset Webb as Non-Executive Directors. Edward is Vice Chairman of Jupiter Fund Management and was previously Chief Executive of the firm. Merryn is an FT Columnist and the Editor- in-Chief of MoneyWeek. Julius Baer has appointed Robert Pickford as a Relationship Manager in its private banking team. At Julius Baer Robert will be responsible for meeting the wealth management needs of a portfolio of Channel Island and UK based clients. In his previous position at local wealth management firm Canaccord Genuity Wealth Management, Robert looked after advisory and discretionary portfolios and sat on a number of investment committees. Investment and wealth advisory business Chawker & Co has hired Guy Christie to work alongside Founder Ed Goodchild. Guy has worked within the UK wealth management sector for three decades, for firms including Newton Investment Management, Schroders, Asset Risk Consultants and Seven Investment Management. Credit Suisse has appointed Anders Mattsson as Managing Director and Head of Northern and Western Europe Luxembourg. In this role Anders will focus on driving and further developing the strategy from a Luxembourg perspective. Anders has more than twenty years’ experience in the financial industry – he joins Credit Suisse from Deutsche Bank where he was most recently in charge of the Nordics Desk. Canaccord Genuity Wealth Management [CGWM] has appointed Michael Caetano and Jason Robilliard as Investment Directors. Michael joins from Brooks Macdonald where he held the role of Senior Investment Manager whilst Jason joins from ABN AMRO Asset Management. Integrated Wealth Management Group European Wealth Group Ltd [EWG] has appointed David Hudd to the board as a Non-Executive Director. David is currently Deputy Chief Executive of Hogan Lovells. It is understood that BNP Paribas SA plans a major hiring spree in German wealth management, with reports stating that the Paris-based lender wants to add as many as 150 staff to its private banking operations across German cities over the next three years. Royal Bank of Canada has hired Credit Suisse Private Banking Director Fiona Lucas as Managing Director of Relationship Management in London. Fiona spent close to seven years at Credit Suisse, having previously held roles with Barclays, latterly as Head of Barclays Wealth, after beginning her career at Lloyds. The bank has made a series of senior appointments to its client-facing team recently - hiring from Lloyds and Smith & Williamson; Priya Sriskantharajah and Matthew Hunter joined as Director in RBC’s executive client team and Associate Director of its business owners and entrepreneurs team respectively; whilst from Smith & Williamson Sharon Templeman joined as a Director while Jakub Brogowski joined the entrepreneurs team as an internal promotion to the post of Director. JPMorgan Chase has hired Senior investment Banker Lawrence Steyn, formerly a Managing Director with Morgan Stanley, as a Vice Chairman of Investment Banking. The acquisition of Steyn follows two senior oil and gas investment banking hires by JPMorgan in recent weeks, with Jonathan Cox recently joining as Global Co-Head of Oil and Gas Investment Banking and Co-Head of its Houston office, whilst Michael Johnson recently joined the firm as a Vice Chairman of Investment Banking. Swiss Financial Services firm Edmond de Rothschild has hired Tiziano Sacchetta - Executive Director with UBS – as Senior Banker in Milan. Tiziano first joined UBS in Q2 2006 from Unicredit Private Banking; prior to this he spent over a decade with Banca CRT. Pilar Enriquez Nistal, former Director of Wealth with Barclays, has been appointed as Senior Private Banker with A&G Banca Privada in Madrid. Pilar was appointed Director of Private Banking with Andbank Spain mid-2015 after over twelve years with Barclays. Vincenzo Tumminelli has been appointed as Senior Private Banker with Intesa Sanpaolo Private Banking in Palermo, Italy. Vincenzo joined Banca Nuova SpA at the beginning of 2009 where he has held multiple roles. Vontobel has appointed Asset Management Expert Stella Christina Streckwall – Relationship Manager with ODDO BHF - as Associate Director in Hamburg. Stella first joined ODDO Q2 2007 after close to four years with Hamburg Savings Bank. Brewin Dolphin has hired Philip Chambers as an Investment Manager; he joins Brewin from financial services firm Intertrust Group with over a decade’s experience in financial services. In his new role he manages the discretionary portfolios of private and intermediary clients, and also has a mandate to help develop the business in the Channel Islands. Last month, Brewin Dolphin also hired Thomas Pearson as an Investment Manager. Private equity firm 3i Group PLC has appointed former Rothschild & Co. Banker Rupert Howard as a Director for its UK team; Rupert previously spent twelve years with Rothschild. The appointment comes alongside six senior promotions across its offices in London, Frankfurt and New York. It is reported that HSBC has brought together its private banks in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg into a single business; HSBC Global Private Banking, Europe, the Middle East and Africa (EMEA). It is understood that Chris Allen, based in London and previously Head of Private Banking in EMEA, will head the unified division. Charles Boulton has been appointed Chief Executive Officer of HSBC Private Bank in UK, following Chris’ promotion. Deutsche Bank AG has made three hires to help bolster its business for wealthy Latin American clients; Jorge Rodriguez Garcia has been appointed as Head of the Latin America team for Switzerland, based in Geneva; Jorge previously ran Credit Suisse Group AG’s domestic private bank in Mexico. Roberto Teofilo, most recently with JPMorgan Chase & Co., was added as a Miami-based Director and Relationship Manager covering Brazilian ultra-high-net- worth clients from Brazil. The firm also hired Ricardo Pablos Rodrigues from CBH Cie. Bancaire Helvetique SA as a Relationship Manager for Brazilian clients, based in Geneva. It is understood that Swiss Private Bank Lombard Odier is launching Islamic products in the Arabian Gulf as it plans to expand in Abu Dhabi next year and establish a foothold in Saudi Arabia. The asset manager has been covering the broader Middle East markets for more than 50 years from its base in Switzerland. Shishir Shukla, most recently Senior Relationship Manager with Noor Bank, has been appointed as Senior Private Banker with Hinduja Bank in Dubai. Shukla spent one year with Noor; joining at the beginning of 2017 after two and a half years with National Bank of Abu Dhabi. Santander Private Banking has hired Diogo Ribeiro Campos as Private Banker in London; he joins from Banco Inter where he held a fund management role. Senior Private Banker Claudia Mazzola of BNL Gruppo BNP Paribas has been appointed to a private banking role with Mediobanca in Milan. Claudia joined BNL at the end of 2012 after eight years with UBI Banca.